Bright Minds Biosciences (NASDAQ:DRUG) Sets New 12-Month High – Here’s What Happened

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) reached a new 52-week high during trading on Friday . The company traded as high as $79.30 and last traded at $77.7170, with a volume of 138427 shares traded. The stock had previously closed at $72.50.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DRUG shares. HC Wainwright reissued a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a report on Monday, September 15th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Chardan Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday. Finally, Wall Street Zen downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Bright Minds Biosciences currently has a consensus rating of “Buy” and an average target price of $82.50.

Bright Minds Biosciences Price Performance

The company has a market capitalization of $626.77 million, a PE ratio of -86.56 and a beta of -6.22. The firm’s 50 day moving average is $60.45 and its 200 day moving average is $43.53.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in Bright Minds Biosciences in the 3rd quarter worth $58,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Bright Minds Biosciences during the 2nd quarter worth approximately $28,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Bright Minds Biosciences during the third quarter worth about $73,000. JPMorgan Chase & Co. raised its stake in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences during the second quarter worth approximately $66,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.